An overlooked market, Des Moines, Iowa, should be given more consideration. Des Moines is a fantastic place to raise your family, especially when one considers the new suburban housing developments combined with vintage colonials and Tudor-style houses. The small-town vibe inside an active is great for those looking for a cozy environment with plenty to do. Over the past few years, the Des Moines market has picked up steam and become prosperous. Prices remain affordable, despite this uptick inactivity.
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Des Moines, IA Real Estate Trends: Top Insider Tips
The Des Moines real estate market comprises mostly single-family homes with a mix of large apartment complexes, duplexes, and row houses. For the past ten years, home values in Des Moines have increased by 23.66% or 2.15% annually. As a result, Des Moines is ranked in the top 50% in the nation for the highest home appreciation rates. In the past twelve months, Des Moines' home appreciation rates decreased to 2.91%, which is 50% lower than the rest of the state (neighborhoodscout.com).
Affordability of Des Moines Real Estate
The cost of living in Des Moines, IA, is 18.8% less than the rest of the country. The main reason for the lower cost of living is housing. The median home price in Des Moines is $140,800, which is $400 less than the state of Iowa and $90,400 lower than the rest of the nation (bestplaces.net).
To afford a home in Des Moines, the median household income for the area is $46,430.
In contrast to home prices, rental costs in Des Moines are slightly higher. The average cost of monthly rent in Des Moines ranges from $586 for a studio to $1,295 for four bedrooms, which is 8% higher than the rest of Iowa.
Neighborhoods Near Des Moines, IA
Des Moines has such a unique vibe, so the neighborhoods in and around this city are equally exciting and fun. Three communities to keep an eye out for while shopping are Waterbury, Waveland Park, and Salisbury Oaks.
Waterbury is widely considered one of the best places in all of Iowa. Located in Polk County with a dense suburban environment, Waterbury is home to 3,000 residents who are mostly retirees. The median home value for Waterbury is $234,000, while the median rent is $1,031 (niche.com/waterbury-des-moines-ia).
Waveland Park offers its 2,700 residents a dense suburban environment, which is ideal for many families and young professionals. The median home value for Waveland Park is $182,000, and most residents own their homes. The median rent is $857 (niche.com/waveland-park-des-moines-ia).
Another top Iowa neighborhood, Salisbury Oak is home to 1,200 residents, most of whom are retirees, and offers a blend of an urban and suburban feel. Most of the residents prefer to own their homes, with a median home value of $334,000. The median rent for Salisbury Oak is $881 (niche.com/salisbury-oaks-des-moines-ia).